Homebuyers report valuation lower than accepted offer

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Replies

  • avr79avr79 Forumite
    5 Posts
    Hi all - thanks for your help. Thought I'd give a bit of an update to you all.

    We had an independent damp survey done on the property (using Joe Wilson @ JW Surveys - a very helpful guy) and found another £4000 of remedial work was required.

    We also tried to get a compliance check on the valuation of the property and it came back with the same figure, so I held fast on that low offer and lost the purchase. The property is now back on the market, but I'm feeling quite relieved to step away from an over-inflated price that could have caused trouble later on.

    Thanks again.
  • DannyboyMidlandsDannyboyMidlands Forumite
    1.9K Posts
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    Thanks for the update. It's nice to hear. I'm glad you played hardball with your offer.
  • JQ.JQ. Forumite
    1.9K Posts
    Agree, thanks for the update it's always nice to hear the outcome of these things.

    It might be worth letting the EA know that your revised offer still stands. If it's still on the market in 6 months they may be back to you with their tail between their legs.
  • *onlyme**onlyme* Forumite
    947 Posts
    How much did they put it back on the market for?
  • avr79avr79 Forumite
    5 Posts
    £535k. Interesting. It was on for £545k when I had my offer accepted for £537.5k.

    It's now marked as SOLD STC (has been on the market for 2 weeks) so one of the other bidders must have stepped in - I wonder how their valuations are going....
  • jozbojozbo Forumite
    321 Posts
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
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    bear in mind it might be a cash buyer who gets it - and may be happy paying over what it's worth

    sounds like you did the right thing
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